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Source: www.asiaecon.org |


The coordination between Grant Thornton Vietnam company and Vietnam Bank Association (VBA) was created a seminar on foreign views and experiences in strategies and bad debts to increase bank's profits.

The Bank for Foreign Trade of Vietnam (Vietcombank) has been awarded the title of 2009 Best Vietnamese Bank for Trade Finance by the Trade Finance Magazine, reported the bank on July 15.

This is the second consecutive year the bank has received the award.

As one of the largest and the most prestigious banks in Vietnam , Vietcombank has for nearly half a century maintained its position as a leading provider of traditional financial and international trade services.

The bank now occupies a large market share, holding 10 percent of loans, 12 percent of deposits, 23 percent of international payments and 55 percent of card payments.

In the first six months of this year, the bank’s pre-tax profits are estimated to have reached 2.45 trillion VND, the largest amongst joint stock banks.

Last year, Vietcombank was selected as the best Vietnamese domestic bank, best foreign exchange service provider and best trade payments service provider by the AsiaMoney and the Trade Finance magazines.

Of the eight projects to be located on the prized land, only two are in the pipeline.

In another project in district 1, a bid from an investor has been received to build a trade centre, 55-storey office tower and luxury hotel bordered by Tran Hung Dao, Nguyen Thai Hoc and Pham Ngu Lao streets.

In May, however, the investor, Thai Son Associates asked to withdraw from the project. The city has yet to make a final decision on the matter.

Another project, a trade centre and office tower to be located on the former Van Thanh Market area in Binh Thanh district, was scheduled to begin in April.

But the investor Nguyen Minh Tuan of SSG Van Thanh Joint-Stock Company, said the company was still negotiating a compensation rate to be paid for the removal of a telecommunications station at the site.

“The site clearance and conpensation board of Binh Thanh district is helping us with negotiations,” he added.

Last year, the city chose SSG Van Thanh’s bid of 1.1 trillion VND (63 million USD) to build the project.

Another project, an eco-tourism area and entertainment centre, to be located on Binh Quoi-Thanh Da peninsula in Binh Thanh district’s Ward 28, has received bids from 17 investors.

However, residents on the peninsula said the delays has disturbed their lives. Tong Van Do of Ward 28 said neighbours had asked the city to stop the project if it was not urgent.

Viet Hung Urban Development and Investment JSC has signed a 2.5 million USD contract with Kume Design Asia Co of Japan for a high-rise building in Ecopark urban area, 20 km northeast of Hanoi.

The 20-storey building will occupy a 4.01ha site. Ecopark is the biggest urban project in the north an covers an area of nearly 500ha. Its expected capital investment is 8.2 million USD. Construction will begin in the third quarter this year.
Hanoi’s gross domestic product (GDP) grew at the slowest pace in the first six months of the year among Vietnam’s five major cities, the capital city government said Tuesday.

The other four cities are Can Tho, with a GDP growth rate of 7.8 percent, Hai Phong, at 5.8 percent; Da Nang, 5.1 percent; and Ho Chi Minh City, 4.6 percent, the newswire VnExpress reported.

The city recorded a GDP growth rate of 4.1 percent in the first half of the year, deputy chairman Phi Thai Binh of the Hanoi People’s Committee told a regular session of the city’s People’s Council that opened Tuesday.

The rate accounts for one third of last year’s first-half figure, according to the Vietnam News Agency.

Vietnam’s GDP is estimated to grow at 5.5-6 percent this year, lower than the annual target of 9.5-10 percent, Binh said.

The slowdown in the city’s economy was caused by the global crisis, with exports hit hardest, slumping 9.9 percent year-on-year, while a few sectors like construction, backed by the government’s stimulus economic package, recorded positive growth, he added.

The country’s recent expansion with the merger of adjacent provinces was also a factor, with significant gaps between the growth rates of some localities, Binh said.

Source: www.asiaecon.org |



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